Tokenized xStocks surpass $25 billion in total transaction volume: Kraken

Tokenized xStocks have surpassed $25 billion in total transaction volume since going live last year, including $3.5 billion in onchain activity across Solana, Ethereum, and TON implementations.

This reineroces xStocks' position "as the largest provider and leading framework for tokenized equities globally," according to a Kraken blog on Thursday.

Kraken is in the process of finalizing a deal to acquire Backed, the tokenized asset issuer behind xStocks, as of earlier this month.

Additionally, there are more than 80,000 unique onchain xStocks holders and nearly $225 million in aggregate assets under management, according to the blog. Each xStock is fully backed one-to-one by an underlying stock or ETF, held by a licensed custodian.

The Block previously reported that Kraken and Bitget have emerged as early leaders in the nascent tokenized stock space, which seeks to expand onchain trading options to corporate equities. Bitget's tokenized stock markets are powered by Ondo's Global Markets platform.

There is currently some $940 million worth of tokenized stocks with about $2.34 billion in monthly trading volume, according to RWA.xyz. The data also estimates about 311,000 verified holders of tokenized stocks.

Dune data shows xStock’s on Solana account for 46.9% of the tokenized stock market share, with Ondo's Ethereum offerings capturing about 37% and BNN Chain deployment about 15%.

"Eclipsing the $25 billion milestone so quickly demonstrates that investors around the world are ready for markets that are open, permissionless, and built for the internet age," General Manager for xStocks Val Gui said. "xStocks are reimagining how real-world assets move, trade, and thrive onchain — without borders or downtime."

The announcement comes as tokenization competitor Robinhood said the testnet for its Ethereum Layer 2 built for real-world assets, Chain, has seen four million transactions in its first week.